TY 2012 Form 990 Schedule O

efile Public Visual Render ObjectId: 201421119349300912 - Submission: 2014-04-21 TIN: 54-0506457

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.

OMB No. 1545-0047

2012

Open to Public
Inspection

Name of the organization

FERRUM COLLEGE

Employer identification number

54-0506457

Identifier	Return Reference	Explanation
	FORM 990, PART VI, SECTION A, LINE 7A	SIX NOMINATED BY UNITED METHODIST WOMEN (UMW) OF THE VIRGINIA ANNUAL CONFERENCE (VAC) AND ONE EX-OFFICIO MEMBER (THE UMW PRESIDENT); FOUR NOMINATED BY THE BOARD OF GLOBAL MINISTRIES OF THE VAC; REMAINDER NOMINATED BY TRUSTEE COMMITTEE OF THE BOARD OF TRUSTEES; FIVE EX-OFFICIO TRUSTEES SHALL SERVE WITH THE VOTE - THEY ARE 1) IMMEDIATE PAST CHAIR, 2) PRESIDENT OF FERRUM COLLEGE ALUMNI ASSOCIATION, 3) RESIDENT BISHOP OF THE VAC OF THE UNITED METHODIST CHURCH (UMC), 4) SUPERINTENDENT OF THE DANVILLE DISTRICT OF THE UMC, 5) AND THE SUPERINTENDENT OF THE ROANOKE DISTRICT OF THE UMC.
	FORM 990, PART VI, SECTION A, LINE 7B	ALL THE ELECTIVE TRUSTEES MENTIONED IN 7A SHALL BE ELECTED BY THE VAC OF THE UMC. THIS DOES NOT INCLUDE THE FIVE EX-OFFICIO TRUSTEES.
	FORM 990, PART VI, SECTION B, LINE 11	THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES WOULD ACCEPT RESPONSIBILITY FOR DETAIL REVIEW OF THE 990 AND AFTER THEIR REVIEW, THE 990 WOULD BE MADE AVAILABLE ON THE WEBSITE TO THE FULL BOARD OF TRUSTEES FOR A LIMITED TIME PRIOR TO FILING. THIS ACCESS WOULD BE A SECURE SITE AND PASSWORD PROTECTED.
	FORM 990, PART VI, SECTION B, LINE 12C	FERRUM COLLEGE HAS POLICIES FOR REGULARLY AND CONSISTENTLY MONITORING POTENTIAL CONFLICTS OF INTEREST FOR THE GOVERNING BOARD AND EMPLOYEES. IN BOTH CASES, AT A MINIMUM BOARD MEMBERS AND EMPLOYEES ARE REQUIRED TO COMPLETE CONFLICT OF INTEREST FORMS WHICH REQUIRE NOTICE OF POTENTIAL CONFLICT OF INTEREST IF IT SHOULD ARISE WITHIN THE ANNUAL REPORTING. THIS NOTICE WOULD BE PROVIDED TO THE CHAIR OF THE BOARD IF FROM A TRUSTEE OR THE DIRECTOR OF HUMAN RESOURCES IF AN EMPLOYEE. THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS THE CONFLICT OF INTEREST POLICY AS IT RELATES TO THE BOARD OF TRUSTEES TO ENSURE THAT POTENTIAL CONFLICTS ARE ADEQUATELY RESOLVED AND DOCUMENTED. THEY ALSO REVIEW RELATED PARTY TRANSACTION OF BOARD MEMBERS. THE PRESIDENT HAS DELEGATED THE RESPONSIBILITY OF OVERSIGHT OF THE EMPLOYEE CONFLICT OF INTEREST POLICY TO THE DIRECTOR OF HUMAN RESOURCES AND THE VICE PRESIDENTS FOR THE FUNCTIONAL AREAS OF THE COLLEGE. IF A BOARD MEMBER IS DEEMED TO HAVE A CONFLICT OF INTEREST HE OR SHE SHALL BE DISQUALIFIED FROM VOTING ON ANY MATTER THAT PRESENTS A CONFLICT UNLESS SUCH DISQUALIFICATION HAS BEEN WAIVED BY THE BOARD OR EXECUTIVE COMMITTEE.
	FORM 990, PART VI, SECTION B, LINE 15	IN ESTABLISHING COMPENSATION FOR THE PRESIDENT, THE EXECUTIVE COMMITTEE OF THE BOARD OBTAINS COMPARATIVE DATA FROM SIMILAR INSTITUTIONS, CONDUCTS AN ANNUAL REVIEW OF PERFORMANCE, AND MAY USE SERVICES OF A FIRM SPECIALIZING IN COMPENSATION AND BENEFITS FOR EXECUTIVE OFFICERS. NOTES REGARDING COMPENSATION DISCUSSIONS ARE MADE BY THE CHAIR OF THE BOARD, A MEMBER OF THE EXECUTIVE COMMITTEE, AND PRESENTED VERBALLY DURING AN EXECUTIVE SESSION OF FULL BOARD IN WHICH THE FULL BOARD VOTES FOR/AGAINST THE RECOMMENDATION BY THE COMMITTEE. THIS PROCESS LAST OCCURRED IN MAY 2013. THE PRESIDENT'S ADMINISTRATIVE COUNCIL RECEIVES NORMAL BUDGETED INCREASES. IF THE PRESIDENT DETERMINES THAT AN ADDITIONAL INCREASE IS DESERVED, SHE REVIEWS COMPARABLE SALARY DATA PREPARED BY YAFFE & COMPANY WHEN ESTABLISHING AN AMOUNT. SHE REPORTS THE ADMINISTRATIVE COUNCIL COMPENSATION TO THE EXECUTIVE COMMITTEE AT THE SPRING MEETING. THIS LAST OCCURRED IN MAY 2013.
	FORM 990, PART VI, SECTION C, LINE 19	NO DOCUMENTS AVAILABLE TO THE PUBLIC.
SUPPLEMENTAL INFORMATION	SCHEDULE M, PART 1	LINE 1 REPRESENTS NUMBER OF ITEMS RECEIVED , A DULCIMER MADE IN THE 1800S, VALUED BY DONOR AT $3,500.00. LINE 9 REPRESENTS SIX SEPARATE STOCK GIFTS THAT WERE VALUDED USING THE AVERAGE OF THE HIGH AND LOW PRICE ON THE DATE OF THE GIFT. THE VALUES OF EACH GIFT WAS: $5,101; $25,801; $1,035; $16,802; $25,612; AND $1,050. LINE 14 REPRESENTS 1 GIFT OF APPROXIMATELY 172 ACRES OF LAND THAT CONTAINS A CONSERVATION EASEMENT APPRAISED AT $227,500. LINE 18 REPRESENTS 1 GIFT OF NASCAR MEMORABILIA APPRAISED AT $10,000. LINE 25 REPRESENTS A GIFT OF A WRESTLING MAT VALUED AT $10,000 FOR THE WRESTLING PROGRAM. LINE 26 REPRESENTS SERVICES PROVIDED BY 2 DIFFERENT VENDORS AT NO CHARGE. ONE VENDOR PROVIDED DEMOLITION SERVICES VALUED AT $5,000 BASED ON CUSTOMARY CHARGES. A SECOND VENDOR PROVIDED NETWORKING SERVICES VALUED AT $4,500 BASED ON CUSTOMARY CHARGES. THESE SERVICES WERE PROVIDED DURING THE CONSTRUCTION OF THE NORTON-TOLLEY GAME DAY FACILITY AT ADAMS STADIUM. LINE 27 REPRESENTS A GIFT OF 1 SAUNA VALUED AT $1,500 AND A GFIT OF 2 COMPUTERS VALUED BY DONOR AT $1,685. LINE 28 REPRESENTS ONE GIFT OF BRICK VALUED AT $2,441 BASED ON CUSTOMARY CHARGES. THIS BRICK WAS USED DURING THE CONSTRUCTION OF THE NORTON-TOLLEY GAME DAY FACILITY.

Identifier

Return Reference

Explanation

FORM 990, PART VI, SECTION A, LINE 7A

SIX NOMINATED BY UNITED METHODIST WOMEN (UMW) OF THE VIRGINIA ANNUAL CONFERENCE (VAC) AND ONE EX-OFFICIO MEMBER (THE UMW PRESIDENT); FOUR NOMINATED BY THE BOARD OF GLOBAL MINISTRIES OF THE VAC; REMAINDER NOMINATED BY TRUSTEE COMMITTEE OF THE BOARD OF TRUSTEES; FIVE EX-OFFICIO TRUSTEES SHALL SERVE WITH THE VOTE - THEY ARE 1) IMMEDIATE PAST CHAIR, 2) PRESIDENT OF FERRUM COLLEGE ALUMNI ASSOCIATION, 3) RESIDENT BISHOP OF THE VAC OF THE UNITED METHODIST CHURCH (UMC), 4) SUPERINTENDENT OF THE DANVILLE DISTRICT OF THE UMC, 5) AND THE SUPERINTENDENT OF THE ROANOKE DISTRICT OF THE UMC.

FORM 990, PART VI, SECTION A, LINE 7B

ALL THE ELECTIVE TRUSTEES MENTIONED IN 7A SHALL BE ELECTED BY THE VAC OF THE UMC. THIS DOES NOT INCLUDE THE FIVE EX-OFFICIO TRUSTEES.

FORM 990, PART VI, SECTION B, LINE 11

THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES WOULD ACCEPT RESPONSIBILITY FOR DETAIL REVIEW OF THE 990 AND AFTER THEIR REVIEW, THE 990 WOULD BE MADE AVAILABLE ON THE WEBSITE TO THE FULL BOARD OF TRUSTEES FOR A LIMITED TIME PRIOR TO FILING. THIS ACCESS WOULD BE A SECURE SITE AND PASSWORD PROTECTED.

FORM 990, PART VI, SECTION B, LINE 12C

FERRUM COLLEGE HAS POLICIES FOR REGULARLY AND CONSISTENTLY MONITORING POTENTIAL CONFLICTS OF INTEREST FOR THE GOVERNING BOARD AND EMPLOYEES. IN BOTH CASES, AT A MINIMUM BOARD MEMBERS AND EMPLOYEES ARE REQUIRED TO COMPLETE CONFLICT OF INTEREST FORMS WHICH REQUIRE NOTICE OF POTENTIAL CONFLICT OF INTEREST IF IT SHOULD ARISE WITHIN THE ANNUAL REPORTING. THIS NOTICE WOULD BE PROVIDED TO THE CHAIR OF THE BOARD IF FROM A TRUSTEE OR THE DIRECTOR OF HUMAN RESOURCES IF AN EMPLOYEE. THE AUDIT COMMITTEE OF THE BOARD OF TRUSTEES REVIEWS THE CONFLICT OF INTEREST POLICY AS IT RELATES TO THE BOARD OF TRUSTEES TO ENSURE THAT POTENTIAL CONFLICTS ARE ADEQUATELY RESOLVED AND DOCUMENTED. THEY ALSO REVIEW RELATED PARTY TRANSACTION OF BOARD MEMBERS. THE PRESIDENT HAS DELEGATED THE RESPONSIBILITY OF OVERSIGHT OF THE EMPLOYEE CONFLICT OF INTEREST POLICY TO THE DIRECTOR OF HUMAN RESOURCES AND THE VICE PRESIDENTS FOR THE FUNCTIONAL AREAS OF THE COLLEGE. IF A BOARD MEMBER IS DEEMED TO HAVE A CONFLICT OF INTEREST HE OR SHE SHALL BE DISQUALIFIED FROM VOTING ON ANY MATTER THAT PRESENTS A CONFLICT UNLESS SUCH DISQUALIFICATION HAS BEEN WAIVED BY THE BOARD OR EXECUTIVE COMMITTEE.

FORM 990, PART VI, SECTION B, LINE 15

IN ESTABLISHING COMPENSATION FOR THE PRESIDENT, THE EXECUTIVE COMMITTEE OF THE BOARD OBTAINS COMPARATIVE DATA FROM SIMILAR INSTITUTIONS, CONDUCTS AN ANNUAL REVIEW OF PERFORMANCE, AND MAY USE SERVICES OF A FIRM SPECIALIZING IN COMPENSATION AND BENEFITS FOR EXECUTIVE OFFICERS. NOTES REGARDING COMPENSATION DISCUSSIONS ARE MADE BY THE CHAIR OF THE BOARD, A MEMBER OF THE EXECUTIVE COMMITTEE, AND PRESENTED VERBALLY DURING AN EXECUTIVE SESSION OF FULL BOARD IN WHICH THE FULL BOARD VOTES FOR/AGAINST THE RECOMMENDATION BY THE COMMITTEE. THIS PROCESS LAST OCCURRED IN MAY 2013. THE PRESIDENT'S ADMINISTRATIVE COUNCIL RECEIVES NORMAL BUDGETED INCREASES. IF THE PRESIDENT DETERMINES THAT AN ADDITIONAL INCREASE IS DESERVED, SHE REVIEWS COMPARABLE SALARY DATA PREPARED BY YAFFE & COMPANY WHEN ESTABLISHING AN AMOUNT. SHE REPORTS THE ADMINISTRATIVE COUNCIL COMPENSATION TO THE EXECUTIVE COMMITTEE AT THE SPRING MEETING. THIS LAST OCCURRED IN MAY 2013.

FORM 990, PART VI, SECTION C, LINE 19

NO DOCUMENTS AVAILABLE TO THE PUBLIC.

SUPPLEMENTAL INFORMATION

SCHEDULE M, PART 1

LINE 1 REPRESENTS NUMBER OF ITEMS RECEIVED , A DULCIMER MADE IN THE 1800S, VALUED BY DONOR AT $3,500.00. LINE 9 REPRESENTS SIX SEPARATE STOCK GIFTS THAT WERE VALUDED USING THE AVERAGE OF THE HIGH AND LOW PRICE ON THE DATE OF THE GIFT. THE VALUES OF EACH GIFT WAS: $5,101; $25,801; $1,035; $16,802; $25,612; AND $1,050. LINE 14 REPRESENTS 1 GIFT OF APPROXIMATELY 172 ACRES OF LAND THAT CONTAINS A CONSERVATION EASEMENT APPRAISED AT $227,500. LINE 18 REPRESENTS 1 GIFT OF NASCAR MEMORABILIA APPRAISED AT $10,000. LINE 25 REPRESENTS A GIFT OF A WRESTLING MAT VALUED AT $10,000 FOR THE WRESTLING PROGRAM. LINE 26 REPRESENTS SERVICES PROVIDED BY 2 DIFFERENT VENDORS AT NO CHARGE. ONE VENDOR PROVIDED DEMOLITION SERVICES VALUED AT $5,000 BASED ON CUSTOMARY CHARGES. A SECOND VENDOR PROVIDED NETWORKING SERVICES VALUED AT $4,500 BASED ON CUSTOMARY CHARGES. THESE SERVICES WERE PROVIDED DURING THE CONSTRUCTION OF THE NORTON-TOLLEY GAME DAY FACILITY AT ADAMS STADIUM. LINE 27 REPRESENTS A GIFT OF 1 SAUNA VALUED AT $1,500 AND A GFIT OF 2 COMPUTERS VALUED BY DONOR AT $1,685. LINE 28 REPRESENTS ONE GIFT OF BRICK VALUED AT $2,441 BASED ON CUSTOMARY CHARGES. THIS BRICK WAS USED DURING THE CONSTRUCTION OF THE NORTON-TOLLEY GAME DAY FACILITY.

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2012

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